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BULLION

Bullion prices traded firm with spot gold prices at COMEX were trading near $1834 per ounce while spot silver prices at COMEX were trading flat near $23.27 per ounce in the morning trade. Bullion prices were supported by decline in US bond yields and higher US inflation data expectation. The 10 year US Treasury yields fell to 1.925% from high of 1.95%. The US inflation is hovering near 40 years high, another spike will boost buying in the precious metals. The geopolitical tensions in Eastern Europe continue as Russian increased military capabilities along its border with Ukraine and Belarus, the U.S. Pentagon warned. We expect bullion prices to trade sideways to up for the day.

MCX Gold April resistance for the day at Rs. 48900 per 10 grams with support at Rs. 48400 per 10 grams. Buying on dips is advisable in MCX Silver March around 62500/62300 with resistance for the day at Rs. 63200 with support at Rs. 61900.

COMEX Gold

COMEX Silver

ENERGY

Crude oil prices traded firm on Thursday with NYMEX WTI crude oil prices were trading marginal up near $89.67 per barrel. Crude Oil prices traded mixed with drawdown in inventories and traders focusing on on the outcome of U.S.-Iran nuclear talks, with a successful outcome potentially adding supply to a tight market. The US EIA data showed a draw of 4.756 mb against forecasts of a 369,000-barrel build. We expect crude oil prices to trade to up for the day

Buying is advisable in MCX Crude Oil February around Rs. 6700/6680, support lies at Rs. 6760 per barrel with resistance at Rs. 6870 per barrel. MCX Natural gas February may trade weak with support at Rs. 290 and resistance at Rs. 320.

MCX Crude Oil 

MCX Natural Gas

BASE METALS

Base metals prices traded up for day with most of the metals in the complex kept firm trading in the morning trade. Aluminium prices extended gains as China lockdown in key smelting region has curtailed 2.2 million tons of alumina capacity. Copper prices are trading near four month highs as inventories are currently close to historical lows. As of the end of January, the official available inventories of the LME, Comex and the Shanghai Futures Exchange were only 200,402 tons. Base metals traded up as rising energy costs is boosting risk premium over lower supplies. Base metals may trade sideways to up for the day.

MCX Copper February support lies at Rs. 768 and resistance at Rs. 785. MCX Zinc Feb support lies at Rs. 302, resistance at Rs. 310. MCX Aluminium February support lies at Rs. 258 with resistance at Rs. 265. MCX Nickel Feb support lies at Rs. 1750, resistance at Rs. 1810.

LME Copper

LME Nickel

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